This question was reopened by the community and a moderator, but I'm going to put my two cents into this with my mod hat on.
The question of "Can I install Ubuntu on X" remains answered at the core duplicate question of Will my device work with Ubuntu? and should probably still be closed as a duplicate of that. The accepted answer and community wiki there can be amended with the content of my answer here:
The answer to this question comes from Linus Torvalds himself - put
simply, it's a "no". But more specifically:
The main problem with the M1 for me is the GPU and other devices around it, because that's likely what would hold me off using it
because it wouldn't have any Linux support unless Apple opens up...
[that] seems unlikely, but hey, you can always hope.
Source: https://www.zdnet.com/article/linus-torvalds-would-like-to-use-an-m1-mac-for-linux-but/ - an Interview with Linus by ZDNet
The core problem here is that the Linux kernel itself does not support
the M1, and without core Linux support in the core Linux kernel for M1
chips and architectures and devices, there is not going to be a way to
install Ubuntu. And without Apple releasing information on the
support for the chipset and such, it will not likely see any Linux
support in the future.
Purportedly, there are developers working on supporting the M1
however there is NO eta on this, and unless Apple starts releasing
more information and code for their chipsets it's likely to take A
Long Time. And until such support is figured out through the 'trial
and error' approach to code hacking and developing support and such,
there is no way to install Ubuntu (or any Linux variant) on M1 chips.
... with the above text being added to an "M1 Chips on Apple Hardware" subsection.
I don't personally agree as a moderator with the reopening - edge cases like this are easy to fix on the canonical question and should be done, rather than reopening a single post simply to say "No, it won't be supported".